Christopher Hui first heard of crypto from some friends who were running investment funds and investing in virtual assets. Now, as secretary for Financial Services and the Treasury of Hong Kong (FSTB), he’s developing policy direction for the sector.

During Hong Kong FinTech Week, held in early November, he asked one of his staff whether he should get his first virtual asset. The bureau is piloting a non-fungible token (NFT) offering – one of a few pilots the regulator is rolling out, along with tokenizing green bonds and a central bank digital currency (CDBC), the e-HKD.

Crypto currently falls under several regulators in Hong Kong. The Hong Kong Monetary Authority is looking into stablecoins, the Securities and Futures Commission takes on enforcement responsibilities.

The department Hui heads, FSTB, lays down the more macro approach to regulation. The approach it seems to be taking is to place crypto within financial regulation, and signal an opening of areas up for discussion such as allowing retail investors under the incoming regulatory framework, which was previously a no.

Hui’s stature and his appearance at Hong Kong FinTech Week panels speaking on crypto give clear signals that Hong Kong’s regulators view it as part of the city’s economic future.

Hui reiterated views voiced by other high profile figures in Hong Kong’s regulatory bodies, who see crypto as fitting into mainstream finance. When asked what he thinks about crypto’s founding ideals, Hui said he considers crypto to be more an investment instrument than a bid for freedom from fiat currency.